If you have liquidity from 1 to 5 million euros, it’s a real risk to keep it all in the same country, in the same bank, under the same jurisdiction.
In this article you’ll discover where real millionaires diversify their wealth, which private banks to choose based on available capital (1-2M vs 2-5M), and what advantages are reserved for those who leverage GloboBanks introduction.
The rule of banking diversification
Never all the money in the same account. This is rule zero of wealth protection.
If you have 1 million, you can’t afford to keep it in one account, for example, an Italian one. Not only for tax reasons (which is another topic), but for concentration risk. A bank can fail. A country can impose capital controls. A government can decide forced withdrawals.
Diversifying means having accounts in at least 3 different jurisdictions, preferably the most stable in the world.
The 3 pillars of banking diversification for HNWI
- Switzerland → The world’s vault, absolute stability
- Singapore → The Asian competitor, solid banks and premium service
- Bahamas → Elite offshore jurisdiction, physical offices of Swiss banks
These three countries form the perfect triangle for those who have 1 to 5 million to protect and grow.
Pillar 1: Switzerland – The world’s safe
Switzerland is still today the number one destination for significant wealth. It’s no coincidence that those with 100 million choose a Swiss private bank as their first option.
Top-tier private banks in Switzerland (UBS, Julius Baer, Pictet, Lombard Odier, Vontobel) require standard minimum deposits of 1 million Swiss francs or more. But with an official introducer, these requirements can drop drastically.
The top 3 Swiss private banks
- UBS
The largest Swiss bank, dominates the market with over 1 trillion managed in assets. Absolute solidity. When you open a UBS account, you know that bank will never fail. - Julius Baer
Specialized in wealth management for high-net-worth entrepreneurs. Founded in 1890, Julius Baer is one of Switzerland’s most prestigious private banks, focused exclusively on high-caliber clients. - Vontobel
Founded in 1924 with headquarters in Zurich, Vontobel is an international financial expert specialized in wealth management and asset management. Excellent client relationships, personalized service.
How much to deposit in Switzerland
With 1 million total wealth, one third in the world’s most stable country is a smart choice.
If you have 2-5 million: consider increasing the Swiss deposit to 500,000-1,000,000€. You can also open both personal accounts and through a holding or trust, managing everything from the same online banking but with separate accounts.
What you can do with deposited money
Swiss private banks are not just “safe deposits”. They are active wealth managers:
- Access to global financial markets
- Fixed-term deposit accounts with returns
- Dedicated financial advice from relationship manager
- Succession planning and estate planning
Banks offer you tools to grow your wealth safely, not just to preserve it.
Pillar 2: Singapore – The world-class Asian competitor
Singapore is the Switzerland of Asia. Solid banking system, stable government, no serious geopolitical risk. And it’s the number two choice for those who want to diversify outside Europe.
Why Singapore after Switzerland
✅ Different jurisdiction → If Switzerland and Italy have problems, Singapore is not influenced
✅ Different currency → You can hold SGD, USD, EUR in separate accounts
✅ World-class banks → Citibank Singapore, DBS, HSBC, OCBC
Citi Private Bank serves over 13,000 clients globally, including 25% of the world’s billionaires. Citibank’s Singapore division is considered Singapore’s number one bank for international clients.
Citibank Singapore: the premium choice
Why Citibank Singapore is superior to other local banks:
✅ Client relationships. Singaporean banks (DBS, OCBC) are used to enormous figures. If you deposit 2 million, they treat you like a number. Citibank Singapore has a more “Western” approach: dedicated relationship manager, personalized assistance.
✅ Simplified remote opening. For Singapore it’s extremely difficult to open accounts remotely without physical presence. With GloboBanks introduction, it may be possible.
✅ Reduced minimum deposit. Citi Private Bank has a net worth requirement of 10 million USD as standard. But through official introducers, the minimum deposit can drop to 200,000€ or USD.
✅ Complete multi-currency. You can hold USD, EUR, SGD, GBP, CHF on the same account, managing everything from a single platform.
How much to deposit in Singapore
With 1 million total wealth, consider 200,000-300,000€ in Singapore as a second pillar after Switzerland.
If you have 2-5 million: you can reach up to 500,000-1,000,000€, balancing between Switzerland and Singapore for maximum geographic diversification.
What to avoid: the physical presence mistake
Many think: “I’ll go physically to Singapore, open the account, go home”. Bad idea.
Even if you go in person, Singaporean banks will reject you if you’re not a resident. They’ll ask you for:
- Residence permit in Singapore
- Local utility bill
- Employment pass or proof of connection with Singapore
Without these documents, you open nothing. That’s why you need an introducer with direct contacts in the banks’ top management.
Pillar 3: Bahamas – Elite offshore with Swiss physical headquarters
This is the superior level of offshore diversification.
Why the Bahamas (and not Bermuda or Cayman)
The Bahamas have a very high concentration of private banks born in Switzerland that have opened physical offices there. They’re not improvised Caribbean banks. They’re UBS, Julius Baer, Pictet that have operational headquarters in the Bahamas to serve a specific clientele.
Key advantage: Jurisdictional diversification with Swiss quality.
How the Bahamas-Switzerland structure works
This is the most sophisticated point of diversification, so pay attention:
Scenario A – Representative office (to avoid for diversification):
A Swiss private bank opens a “representative office” in the Bahamas. You open the account in the Bahamas, but your money is registered in Switzerland. Legally and accounting-wise, it’s a Swiss account. You haven’t diversified anything.
Scenario B – Independent operational headquarters (what you want):
The same bank has a separate company in the Bahamas. It’s still called UBS Bahamas or Julius Baer Bahamas, but it’s an autonomous legal entity. Your money is registered and physically deposited in the Bahamas. You’ve truly diversified.
This distinction is fundamental and very few understand it. An expert introducer knows exactly which structure each bank has and will tell you if you’re truly diversifying or just moving a number from one country to another.
Minimum deposits in the Bahamas
Public standard: 1 million USD minimum.
With introducer: From 100,000€ (one tenth of the standard requirement).
The Bahamas are the choice for those who have at least 2 million in wealth and want a third jurisdiction beyond Switzerland and Singapore. If you have 1 million, focus on Switzerland + Singapore.
Legal structures: when to use holding, trust or foundations
If you have less than 2 million, open personal accounts. Simple, direct, no complications.
If you have more than 2 million, consider structuring your wealth through:
- Holding → To manage investments and operating companies
- Trust → For wealth protection and succession planning
- Foundation → For charity, family, multi-generational protection
Advantages of having personal + corporate accounts in the same bank
Many private banks allow you to manage multiple accounts from the same online banking:
- Personal account with 100,000€
- Holding account with 700,000€
- Total: 800,000€ in the same bank → Access to advantages reserved for clients with higher aggregate deposits
This means:
✅ Better conditions on interest rates
✅ Access to exclusive credit cards (like American Express Black Centurion)
✅ Dedicated relationship manager with more decision-making power
✅ Reduced fees on operations and wealth management
Banks treat a client with 100k personal differently from one with 800k aggregated between personal and holding. Leverage this advantage.
How to access with reduced minimum deposits
Top-tier private banks in Switzerland require minimum deposits starting from 1 million CHF, while mid-tier from 500,000 to 1 million CHF. These are the public figures, those you find on websites.
But with an official introducer who has:
- Written contracts with banks
- Direct relationships with directors (WhatsApp numbers, private groups)
- Power to apply on behalf of the client
These deposits drop drastically. We’re talking about one fifth or one tenth of the standard requirement.
Why do banks accept much lower deposits?
Trust and convenience. A client referred by a trusted introducer is considered more “quality” than an unknown person who arrives independently.
Summary of diversification strategy by wealth bracket
If you have 1-2 million euros
Distribution:
- 300,000€ in Switzerland (UBS, Julius Baer or Vontobel)
- 200,000-300,000€ in Singapore (Citibank Singapore)
- Rest in liquidity/investments managed locally or through other structures
Focus: Two solid jurisdictions, maximum stability.
If you have 2-5 million euros
Distribution:
- 500,000-1,000,000€ in Switzerland
- 500,000-1,000,000€ in Singapore
- 100,000-500,000€ in the Bahamas (third jurisdiction, maximum diversification)
- Rest in investments or other structures
Focus: Three jurisdictions, structuring through holding/trust to optimize aggregate banking advantages.
Conclusion: diversification is not optional
If you’ve built significant wealth, you can’t afford to keep it all in one country. This is not about tax evasion (which is illegal). This is about legal wealth protection.
The world’s richest know this. Their wealth is spread between Switzerland, Singapore, Bahamas, Liechtenstein, Dubai. Not to hide anything, but to not depend on a single system.
And with GloboBanks, thanks to our close relationships with banks, you can access elite private banks remotely and with minimum deposits reduced by up to 90% when they would otherwise be unreachable.
Want to diversify your wealth in international private banks?
We work with UBS, Julius Baer, Vontobel, Citibank Singapore and over 60 international banks.
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